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-called fiscal clef that could plunge the economy back into recession. he is expected to urge congress to pass a bill preventing bush era tax cuts from expiring for all but the wealthiest americans. the newly reelected president and congress face the january 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions. here's a closer look at how dire that nightmare scenario could be of nothing is done. a report from the congressional budget office says the jobless rate would jump to 9.1% if no deal is reached. analysts say it would cut the federal deficit by more than $500 billion by next september. the adjustments would also cause the economy to shrink by 0.5% next year. but now that the election is over, washington's power players are figuring out what the future holds. secretary of state hillary clinton and treasury secretary timothy geithner have expressed the desire to step down. today, u.s. attorney general eric holder spoke with students at the university of baltimore. he said he will have to
a statement on the economy. >> people gathered to pay tribute to our veterans in the third annual veterans parade that began on charles street at 10:00 this morning. several organizations were involved, including the buffalo soldiers and members of the rotc. those who fought in wars past said they were pleased with the turnout and enjoyed reminiscing with fellow veterans. >> just reminisce. go back in memories and think of all the ones that did not make it back. >> it gives me a warm feeling inside to know that people still remember. >> very proud of everyone who was actually served and to our guys overseas. i am encouraged and out here supporting them as well. >> today's parade ended at war memorial plaza where a service was held. >> the i.t. exposed the house scheme that city inspectors say put tenants in danger. >> barry sims texas inside. >> she shared the space with her two daughters. >> this is actually my room. the living room here, this was the living room. they built this wall here. this is where i sleep. there is no window. >> she moved in after signing a rental agreement. days l
. the budget office warns the fiscal cliff could cause the economy to slide back into a recession and raise the unemployment rate to 9.1%. >> more will be taken out of your check. you will have less to spend. the impact will be substantial. think about the coffee shop across the street from the plant that makes weapons. the ripple effect on communities, workers, and families. >> if washington cannot get a deal done before january and we do go off the cliff, maryland would hit the ground harder than many other states. >> the question is, why? a closer look at the potential impact. >> maryland has strong financial ties to the federal government. if washington cannot cut this deal, experts say maryland will quickly be in a recession. as politicians state their positions on how to avoid a fiscal cliff -- >> i am not going as students and seniors and middle-class families to pay down the entire deficit. >> the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. >> maryland is most likely positioned for a financial fall. if washingt
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